20000331

5 pc cut in

sugar import

duty urged

ANWER RAJANI

RECORDER REPORT

KARACHI: Sugar importers have approached the Federal Minister for Food and Agriculture to reduce the import duty by 20 percent from the existing rate of 35 percent.

It is the only way to bring down the sugar price to a reasonable level for consumers, they argue.

The importers have also demanded that there should be an effective valuation system where the actual international market and purchase price of the importers is assessed correctly.

The importers contested the demand of the Pakistan Sugar Mills Association (PSMA) which, they said, would disturb the price structure of the commodity.

The local demand can be met through the import of 500,000 tonnes of sugar. Total local production is estimated around 2.5 million tonnes. The local consumption is estimated to be three million tonnes this year.